What is a bankfeed?

Bankfeed (definition)

A bankfeed refers to the automated process where transactions from a bank account are seamlessly imported into accounting software in real time or at regular intervals. By linking the accounting software to the bank, bankfeeds eliminate the need for manual data entry, ensuring accurate and up-to-date financial records. This feature enhances efficiency by providing instant access to income and expense data, allowing users to reconcile accounts, categorise transactions, and monitor cash flow with ease. Bankfeeds also improve accuracy by reducing human errors and streamline financial reporting, making them an essential tool for modern businesses.